Zynga shares shot up 10% to $4.05 in early afternoon trading Wednesday. If Zynga stock hangs on to the gains and closes above $4, it will be the first time since 2014. The San Francisco-based company has beat analyst estimates for 11 straight quarters, according to FactSet. Investors propelled shares above $4 after the company announced third-quarter earnings after the bell Tuesday. Executives reported net income of $18.1 million on sales of $224.6 million. The company also announced that it was acquiring Peak Games, a developer that specializes in mobile card games. Zynga shares have gained 57% this year, with the S&P 500 index rising 15%.
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